AstraZeneca did not achieve statistical significance in its CALLA Phase III study for locally advanced cervical cancer using Imfinzi with chemoradiotherapy.

The advancement of progression-free survival (PFS) for patients with locally advanced cervical cancer through the CALLA Phase III study for Imfinzi (durvalumab) assisted by chemoradiotherapy failed to achieve statistical significance compared to administering chemoradiotherapy alone.

The trial’s safety and tolerability were consistent in both arms, and no new unexpected adverse findings were discovered.

Bradley Monk, MD, Professor at the University of Arizona College of Medicine and principal investigator in the CALLA Phase III trial, said, “while today’s results were not statistically significant, they underscore the need for further evaluation of novel therapeutic options and will inform future strategies to improve treatment for patients with locally advanced cervical cancer.”

Cervical cancer is diagnosed in appoximately 600,000 people each year with 40-50% patients facing locally advanced cervical cancer.

CALLA is a worldwide Phase III trial, in which 770 patients with locally advanced cervical cancer were administered basic chemotherapy with either a 1,500mg fixed dosage of Imfinzi or a placebo every four weeks for up to 24 cycles, or until disease progression.

The trial took place across 120 locations in 15 countries, including the United States, Europe, Latin America, Africa, and Asia.

The primary goal was PFS, with overall survival, safety and tolerability as significant secondary outcomes.

Imfinzi (durvalumab) is a human monoclonal antibody that disrupts the interaction of PD-L1 with the PD-1 and CD80 proteins, preventing the tumour from evading the immune system.

Based on the PACIFIC Phase III trial, Imfinzi is the only immunotherapy approved for the curative-intent treatment of unresectable, Stage III non-small cell lung cancer in patients whose illness has not progressed after chemoradiotherapy.

Imfinzi has shown clinical efficacy in various cancer cases in the last year, including advanced biliary tract cancer (TOPAZ-1), unresectable advanced liver cancer (HIMALAYA), and metastatic NSCLC, including favourable Phase III trials (POSEIDON).

Susan Galbraith, Executive Vice President, Oncology R&D, AstraZeneca, said, “CALLA tested a novel immunotherapy approach in locally advanced cervical cancer, a devastating and complex disease where many patients progress following available treatments.”

“While the results were not what we hoped for, insights from the trial will advance our understanding and application of immunotherapy across our broad clinical development programme, exploring the benefits of Imfinzi in many tumour types.”

AstraZeneca shares gained 0.5% to 9,781 following the announcement of its CALLA Phase III study not achieving statistical significance.

Chancellor Rishi Sunak’s Spring Statement brought a mixed bag of results, with a tiny dent in soaring fuel costs and a cut to income tax rates which is scheduled for 2024. However, there was minimal relief for suffering households on Wednesday as the UK’s inflation hit a 30-year high of 6.2%.

The inflation rate is expected to average 7.4% for the remainder of 2022, with a peak of 8.4% expected in the final quarter of the year when winter bites a massive chunk out of household budgets with rising energy costs.

The Office for Budget Responsibility (OBR) also reported that the UK economy is forecasted to grow at a reduced level of 3.8% compared to 6% in 2021, serving up bad news for struggling consumer brands and retail companies.

Fuel and Energy

Sunak announced that fuel duty will be cut by 5p per litre until March 2023, however, the concession will provide little comfort for households dealing with the skyrocketing cost of filling up their cars.

“The giveaway for motorists was in the cutting of fuel duty by 5p litre, saving British motorists £7m a day,” said AJ Bell head of personal finance Laura Suter.

“This means for the average 55 litre car someone will save £3.30 each time they fill up.”

“However, this is a tiny portion of the amount we’ve all seen fuel costs rise by: since the start of the month alone petrol prices have risen by 13p and diesel prices by 21p.” 

Global sales trader at Saxo Markets Mike Owens added: “Fuel duty cut by 5p per litre feels like a drop in the ocean compared to the price rises we’ve seen at the pump and also when you consider the energy bill cap is rising 54% in April.”

The Chancellor also announced that additions of energy-efficient upgrades to houses will not be subject to VAT for the coming five years, however, this move will probably only benefit households that already have the extra money to spend on solar panels and new energy-efficient infrastructure, providing little assistance to households dangling dangerously close to poverty.

Standard of Living

The Chancellor announced a rise in the income threshold for national insurance of £3,000 to £12,570 per year.

The move will undoubtedly elicit a sigh of relief from households, who stand to keep an extra £330 a year on average.

“As concessions go, raising the National Insurance threshold to £12,570, in line with the personal allowance, is a big one,” said interactive investor head of savings and pensions Becky O’Connor.

“It will come as a relief to those worried about the impact of the Health and Social Care levy. The typical saving of £330 a year is significant.”

Despite this announcement, the Office for Budget Responsibility said the UK was facing “the biggest fall in living standards in any single financial year since ONS records began in 1956-7”.

Sunak further announced an increase to the household support fund by £500 million, to be given to local authorities from April, resulting in a total fund of £1 billion to assist vulnerable households with rising living costs.

However, these measures are unlikely to provide sufficient relief in the face of soaring inflation.

“The big rabbit out of Rishi Sunak’s hat was announcing a cut to income tax rates from 2024, and while that will grab the headlines it’s precisely zero help to families struggling with the cost-of-living crisis now – or indeed for the next two years,” said Suter of AJ Bell.

Brent Crude rose to $120 per barrel on the back of recent disruption to the Caspian Pipeline Consortium (CPC) pipeline.

The pipeline is currently struggling due to storm-damaged berths in the Black Sea, and accounts for approximately 1% of the global oil supply.

The estimated toll of the disruption will see exports of up to one million barrels of oil per day stalled in the Russian and Kazakhstan region.

Repairs are predicted take up to two months, according to current projections, leaving the global oil market in a precarious situation on the back of continued economic sanctions against Russia.

“Prices are primarily rising on the loss of CPC Blend crude exports out of Novorossiisk, which accounts for about 1.3 million barrels per day of exports, adding further bullish fuel to the fire as the drop in Russian crude exports finally appears underway,” Kpler lead oil analyst for the Americas Matt Smith said via Reuters.

The news follows crippling fuel prices across the UK, with a reported spike on Tuesday to £1.67 per litre and £1.80 per litre of diesel.

The current average cost of fuelling a family car amounted to over £92 and almost £99 for diesel.

Chancellor Rishi Sunak announced a 5p per litre price cut for petrol in the Spring Statement today, however the attempt at respite failed to make a significant dent in skyrocketing household costs.

Months of tension have been eased as the UK and US agreed to lift tariffs on British steel exports which were implemented during the Trump era.

With the new agreement, steel and aluminium industries will be protected in both countries, leaving the sole focus on ‘China’s unjust trade policies’, according to a joint statement by UK’s international trade minister, Anne-Marie Trevelyan and US commerce secretary, Gina Raimondo.

The agreement is also reportedly set to ease inflationary pressure on the US, with reduced costs of manufacturing as a by-product of tariff-free steel.

The UK will receive a ‘duty-free import quota’ of more than 500,000 tonnes of steel each year under the new agreement, with larger volumes subject to a 25% tariff.

The agreement will also require aluminium importers to report the origin of raw aluminium in order to restrict subsidised metal from China and other countries.

Under the agreement, UK steel businesses owned by Chinese companies will be required to disclose their financial records with the US to determine any involvement with the Chinese government.

Following the introduction of tariffs imposed during Trump’s tenure, the UK retaliated with tariffs on American goods such as Levi’s jeans and Harley Davidson bikes.

These tariffs are reportedly set to be removed following the agreement announced today.

Alasdair McDiarmid, operations director for the steelworkers’ union Community, said in an article with the Guardian: “the news the US steel tariffs are being lifted is welcome, though we need to understand the full detail of the agreement.”

“To protect jobs our steelmakers must compete on a level playing field, and it is vital the UK does not suffer a further competitive disadvantage with EU producers.”

“The EU secured their deal with the US back in October, so a UK-US deal is well overdue, and it must be implemented without delay to prevent further damage to our industry.”